Mr. Victor Cantore reports

AMEX ANNOUNCES FILING OF UPDATED PEA TECHNICAL REPORT FOR THE PERRON GOLD PROJECT

Amex Exploration Inc. has filed the National Instrument 43-101-compliant updated preliminary economic assessment technical report for Amex's 100-per-cent-owned Perron gold project in Quebec, Canada, with an effective date of Sept. 4, 2025. Report results were previously announced in Amex's news release dated Sept. 4, 2025.

The qualified persons for this technical report are the following:

• Antoine Yassa, PGeo, P&E Mining Consultants Inc.;
• Jerome Augustin, PGeo, PhD, Laurentia Exploration Inc.;
• Stephen Coates, PEng, Evomine Consulting Inc.;
• Alexandre Burelle, PEng, Evomine Consulting;
• Florent Baril, PEng, Bumigeme Inc.;
• Denys Vermette, PGeo, Norda Stelo.

Perron updated preliminary economic assessment highlights

The Perron PEA was updated to incorporate the latest mineral resource estimate (MRE -- released May 21, 2025) and a new project development strategy. The following assumed a gold price of $2,500 (U.S.) per ounce and a Canadian-dollar/U.S.-dollar exchange rate of 1.38 to one:

• Staged production strategy derisks the project, simplifies the permitting process, accelerates time to revenue (targeting 2028) and minimizes shareholder dilution, with phase 2 mine construction financed from free cash flow;
• Phase 1:
  • Four-year 1,000-tonne-per-day contract mining, toll-milling operation in the Abitibi region, where numerous processing plants are in operation;
  • Low initial capital cost estimate of $146.1-million, which is partially offset from preproduction revenues of $68.6-million for a net initial capital expenditure of $77.5-million;
  • Average annual gold production of 102,000 ounces gold at an all-in sustaining cost of $1,165 (U.S.) per oz Au;
  • Average diluted head grade of 10.07 grams per tonne for 410,000 oz Au;
• Phase 2:
  • 13-year 2,000 tpd owner-operated mine with on-site processing facility;
  • Growth capital of $191.6-million;
  • Average annual production of 93,000 oz Au at an AISC of $1,027 (U.S.) per oz Au;
  • Average diluted head grade of 4.32 g/t for 1.25 million oz Au;
• Life of mine of 17.5 years;
• Average annual production of 95,000 oz Au, or 1.66 million oz Au over LOM, including an average per year of 112,000 oz for the first 10 years;
• LOM average diluted grade of 5.07 g/t Au;
• LOM AISC of $1,061 (U.S.) per oz Au;
• LOM sustaining capex of $386.3-million;
• Pretax net present value of $1,885-million and after-tax NPV of $1,085-million;
• Pretax internal rate of return of 99.1 per cent and after-tax IRR of 70.1 per cent;
• Cumulative pretax undiscounted net free cash flow of $3,010-million and cumulative after-tax undiscounted net free cash flow of $1,768-million;
• Pretax payback period of 1.1 years and after-tax payback period of 1.4.

The full report entitled "NI 43-101 Technical Report, Preliminary Economic Assessment, Perron Project, Quebec, Canada," can be found on the company's website and on SEDAR+.

The PEA is preliminary in nature and includes inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the resource development, production and economic forecasts on which this PEA is based will be realized.

Scientific and technical information presented in this news release was reviewed and approved by Stephen Coates, PEng, an independent qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Amex Exploration Inc.

Amex Exploration has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide zones, at its 100-per-cent-owned Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que. The project comprises 117 contiguous claims (45.18 square kilometres) and hosts both bulk-tonnage and high-grade gold mineralization styles.

When combined with the adjacent Perron West project, which includes 48 claims (17.37 square kilometres) in Quebec and 35 claims (134.55 square kilometres) in Ontario, the consolidated land package spans a district-scale 197.52 square kilometres. This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The project benefits from excellent infrastructure: It is accessible by a year-round road, located just 20 minutes from an airport, and approximately eight km from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

We seek Safe Harbor.